Isn't this the sequel to Esprade which is emulated in Mame?
Looks very similar graphically & are both developed by Cave.
They also look similar to to Shikigami No Shiro 1 & 2. Both series have flying magicians shooting at magical mechs & stuff. Any chance the 2 series link in some way?
Are Espgaluda & Shikigami No Shiro 1 & 2 released for the arcades aswell?